Drake & Morgan plans 2017 expansion
The company, which operates 14 sites nationwide, saw turnover rise 17 per cent to £18.8m in the year to 27 March with pre-tax profits of £1.8m.
The Bowmark Capital-backed group said it is planning ‘significant growth’ of its portfolio in the next few years with three sites confirmed to open in 2017.
A second Manchester venue will launch in the spring followed by a 400-cover site in London's West India Quay.
It has been a busy year for Drake & Morgan, which has opened at Heathrow T4, St Andrew Square in Edinburgh and Manchester’s Spinningfields development in the past 12 months.
The company bought the 11-strong Corney & Barrow Bar group in July, of which it has already refurbished and launched two sites, The Pagination and The Otherist, in London.
James Sherrington, finance director at Drake & Morgan, said: “The group delivered a solid set of numbers in 2015/16, with turnover and EBITDA in strong growth. Like for like sales growth has accelerated in the current financial year and we have built a strong openings pipeline.
“In addition, the acquisition of the [Corney & Barrow] Bars business has strengthened our presence in the City and gives us a platform for significant growth through 2017 and beyond."
